If everyone has a high standard of living, there’s nobody to do the work — and prices will rise because low-wage jobs must pay more just to attract workers who have other options.
As one FReeper astutely noted a while back … You can’t have $30/hour wages and Walmart prices at the same time.
My response to that is why should government be picking winners and losers? Are you ok with that? It sounds to me that you are totally against upward mobility.